Annual report pursuant to Section 13 and 15(d)

DEFERRED INCENTIVE COMPENSATION TO OFFICERS

v3.22.1
DEFERRED INCENTIVE COMPENSATION TO OFFICERS
12 Months Ended
Dec. 31, 2021
Compensation Related Costs [Abstract]  
DEFERRED INCENTIVE COMPENSATION TO OFFICERS

 

12. DEFERRED INCENTIVE COMPENSATION TO OFFICERS

 

Note   Date   Payment Date   Balance at
December 31,
2021
    Balance at
December 31,
2020
 
                     
Rory Cutaia (A)   December 23, 2019   50% on January 10, 2021, 50% on January 10, 2022   $ 215,000     $ 430,000  
Rory Cutaia (B)   December 23, 2019   50% on January 10, 2021, 50% on January 10, 2022     161,000       324,000  
Jeff Clayborne (A)   December 23, 2019   50% on January 10, 2021, 50% on January 10, 2022     63,000       125,000  
Jeff Clayborne (B)   December 23, 2019   50% on January 10, 2021, 50% on January 10, 2022     82,000       163,000  
                         
Total             521,000       1,042,000  
Non-current             -       (521,000 )
Current           $ 521,000     $ 521,000  

 

(A)

On December 23, 2019, the Company awarded Rory Cutaia, Chief Executive Officer and Jeff Clayborne, former Chief Financial Officer, Annual Incentive Compensation of $430,000 and $125,000, respectively for services rendered. The Company had determined that it was in its best interest and in the best interest of its stockholders to defer payments to these employees. The Company paid 50% of the Annual Incentive Compensation on January 10, 2021, and subsequently paid the remaining 50% on January 20, 2022. See Note 22 for subsequent events.

 

During the year ended December 31, 2021, the Company paid $278,000 of the outstanding balance. As of December 31, 2021, the outstanding balance amounted to $278,000.

   
(B)

On December 23, 2019, the Company awarded Rory Cutaia, Chief Executive Officer and Jeff Clayborne, former Chief Financial Officer, a bonus for the successful Up-Listing to Nasdaq and Acquisition of Verb Direct during fiscal 2019, totaling $324,000 and $163,000, respectively. The Company had determined that it was in its best interest and in the best interest of its stockholders to defer payments to these employees. The Company paid 50% of the Nasdaq Up-Listing Award on January 10, 2021, and subsequently paid the remaining 50% on January 20, 2022. See Note 22 for subsequent events.

 

During the year ended December 31, 2021, the Company paid $243,000 of the outstanding balance. As of December 31, 2021, the outstanding balance amounted to $243,000.